BEIJING, April 9, 2019 /PRNewswire/ -- MINIEYE, a Chinese company concentrating on developing sensing system of autonomous driving, recently announced the completion of its Series B financing and received hundreds of millions of credit lines. This series of financing was strategically led by NavInfo fund and co-invested by Zhejiang Zheshang capital while original investors continued to increase their holdings. In the latest six months, MINIEYE raised $20 million in total, which will be used to further boost MINIEYE's leading advantage in the industry, increase the market share and maintain a steady cash flow during business expansion. Meanwhile, the funding will help MINIEYE to focus on the research of L2+ autonomous driving products and speed up their mass production.
Dr. Liu Guoqing, founder and CEO of MINIEYE, believes the autonomous driving industry has moved to a "speed-up" phase as synergy will become a new trend. To have a higher probability of success, a company needs to exploit more resources by giving full play to its advantages and open up industrial value chain while maintaining its competitiveness of product and technology. This series of financing will allow MINIEYE to obtain many strategic resources. As leading location services provider in China, NavInfo has structured a business layout around navigation map, connected vehicle service, autonomous driving, chips and location big data. The comprehensive industrial distribution directly helps MINIEYE to gain a larger market share. Moreover, MINIEYE will cooperate with NavInfo on HD maps and chips for autonomous driving.
"NavInfo has dedicated itself to serving automotive industry for more than 10 years. We deeply understand that keeping a foothold in the pre-install market needs not only innovation, but also excellent products and technological accumulation. By establishing its advantages in data, algorithms and sensor fusion, MINIEYE gradually realizes the commercialization of autonomous driving products and wins recognition of OEM clients. MINIEYE's achievements are admirable," said Bi Lei, SVP of NavInfo.
"We hope the cooperation can realize strategic synergy effect. In both passenger and commercial vehicles, NavInfo's HD maps, NI Horizon, CVS and intelligent sensing products can improve MINIEYE's technological ability. Meanwhile, MINIEYE's sensing solution helps to supplement the autonomous driving data ecology of NavInfo, hence promoting the commercialization of autonomous driving production solution."
MINIEYE also discloses that L2-L3 autonomous driving products will be released within the year while accelerating its series B+ financing.
Founded in 2013, MINIEYE is one of the earliest companies in China that conducted research on autonomous driving and ADAS products. MINIEYE is dedicated to provide reliable sensing solution for vehicles by utilizing AI technology. Entering OEM market already, MINIEYE's L0-L1 autonomous driving products has been sentinel procured in nearly 20 main vehicle types of several brands like BYD and Dongfong Automobile, both passenger vehicles and commercial vehicles included. In the early of 2019, MINIEYE announced its cooperation with Xilinx for joint development of Turnkey ADAS Sensing Solution to satisfy automobile company's demand of L1-L3 autonomous driving functions.